Our network of contacts in the automotive business sometimes gives us access to interesting information. For example, the Toyota dealers' requirements for the Toyota Certified Used Vehicle Program show how carefully these cars are inspected for accident damage. The evidence of a collision repair can be hard to conceal from a trained inspector. This is yet another reason that cars suffer from the stigma of diminished value.
Looking For A Free Diminished Value Claim Calculator?
Don’t be fooled by the imitators. It could cost you thousands.
Have you been searching for a diminished value calculator, a website that will give you at least a remotely accurate estimate of what you might be able to expect if you won a settlement? The question you need to ask yourself is whose interests do they have in mind? Are they going to spit out an estimate that represents the maximum you deserve or will it be much lower and more palatable for your insurance company?
Contact The Real Diminished Value Experts
Even if the site that is giving you a diminished value calculated estimate isn’t controlled by the insurance industry, it’s still likely you are getting an inaccurate figure derived from a simple formula based on Kelley Blue Book adjusted for rough damage estimates. Good for the insurance company, but not so much for you.
The trick is to have a diminished value expert who finds that “sweet spot” that doesn’t creep into the realm of unrealistic expectations. If you’re gunning for too much, you will either delay your settlement or not get one at all.
One of the basic reasons for the diminishing value of a vehicle after an accident is simple supply and demand. Results from a survey we conducted in 2009 of more than 4,700 respondents found that 60 percent of them would not even buy a vehicle that had frame damage. Even with a vehicle that did not sustain frame damage and had been correctly repaired, about 20 percent of respondents would expect a 40 percent reduction in the price.
You may not notice it if you aren't a trained auto body repair expert, but damage to your vehicle’s frame will set you back financially when you are ready to sell it. We live in the age of vehicle transparency, where its history is available for all to see through reports like those provided by Carfax. If repairs are documented, consumers are empowered to inform themselves about it.
There have been some reported cases where insurance companies have pressured auto body repair shops to label frame repairs anything other than actual “frame repair.” The logic behind this, however sinister it may be, is to avoid paying a significantly higher diminished value claim (if they pay it at all, with unreported frame damage).
When a vehicle's frame has been damaged, it may be fixable, but the financial damage is permanent. Assuming it is accurately documented, a vehicle is valued significantly less due to the stigma to consumers who are in the market for a vehicle.
Another setback related to a frame-damaged vehicle is the likelihood that a car dealership will reject it altogether. We know from firsthand accounts that certified used vehicle programs have strict standards when it comes to a vehicle'works repair history. For instance, Toyota’s program instructs its used vehicle inspectors to “Check frame to be sure no damage has been done to frame; no non-factory welds; no cracks; not bent; no evidence of flood damage."
If you're in the market for new car insurance, depending on where you live, you may also want to be in the market for a new residence. Here is a look at some of the most and least expensive car insurance rates by state, according to a recent survey by insure.com.
1. Louisiana (Average Premium: $2,699)
In order to claim diminished value, we consider a set of prerequisites. While we will do our best to get you the compensation you deserve, your claim depends on the type of damage incurred on your vehicle and the circumstances surrounding the accident. Questions to ask yourself before seeking a diminished value appraiser include:
1. Who is at fault? Diminished value claims in Oregon cannot be processed for drivers who are at fault in an accident. If you were hit, at no fault of your own, then you are eligible for a diminished value appraisal. If, however, the circumstances surrounding your car accident put you at fault for your own damages and those to other vehicles, a diminished value claim will not be possible.2. What sort of damage are we dealing with? Frame damage requires a deep assessment due to the manufacturer practice of using lighter materials, which are more complex and require deeper analysis to determine diminished value. A few things we look for when assessing frame damage include:
Diminished value is one of the auto insurance industry's best kept secrets. Some companies will automatically issue an amount for the repair, but never tell the consumer about diminished value. However, you can file a diminished value claim even after you've been awarded a settlement for the repairs. Here are a few things to keep in mind:
Always Talk to a Diminished Value Expert
Talking to a licensed diminished value expert will give you options. Most automobile appraisers work for the insurance company so it is important to have an auto appraiser that is objective and never works for the insurance company. Autoloss is a national company that has been in business for over 15 years. Autoloss never works for the insurance company so we can be objective regarding the loss in value of your vehicle. Knowing the intricacies of your diminished value claim is very important. The loss in value of your vehicle could be in thousands.
Client's Experience Reveals Insurance Company Tactic to Avoid Paying Diminished Value
Our clients have shared some fascinating stories of their experiences with collision repair shops and the insurance industry. One client's car was hit while stopped at a traffic light. The other driver was at fault and they accepted responsibility.
Thanks for the great job on my Diminished value claim.. Due to your help and your appraisal State Farm paid me $6,725 for diminished value on my 01 Jaguar.
Thanks, Ann Ross, A happy client in Arizona
by Jason Knapfel
Father's Day is supposed to be a time to reflect on your family and how much you appreciate your children, just as much as they are supposed to return the favor during the holiday. However, that ideal scenario was abruptly put on hold on June 17, 2012.
In most ways, it was a pretty uneventful day like any other. At around dinner time, I set off to pick up my vehicle that I had just left at my brother-in-law’s house earlier that day. The plan couldn't have been simpler: my wife and kids would take me to get my car and they’d follow me back home for a relaxing evening together.
That ended in a split second.
Are you in the market for car insurance? Besides considering the best options for you from a premium perspective, it’s a really good idea to know which insurance companies are known for the best claim service as well.
If and when the time comes that you are in an accident, will the insurance company pay your claim in full and in a timely manner? If the accident is bad enough for a diminished value claim, will your insurance company comply and fulfill their obligations or will they make things difficult? In our experience, we have found that Allstate, Farmers and Progressive have been the best companies to with.
Toyota makes some of most popular vehicles on the market, so it's only logical that many of the cases we deal with are those on behalf of Toyota owners. It’s especially important for Toyota owners to be aware of their diminished value claims rights since Toyota’s Certified Used Vehicle Program rejects cars damaged in accidents.
Here are just a few examples of our happy Toyota owners who were not so happy to find their vehicles were a total loss after their accidents. Fortunately, we were able to help them get a significantly higher settlement from their insurance companies than what they were initially offered.
If you are seeking a diminished value claim on a vehicle, when filing the claim with the insurance company, one essential element is the diminished value report. Not all reports are created equal. It's important that it lays out all the important details, stating your case in the most effective manner possible. Here are some of the most crucial details to include:
Identifying Features of the Vehicle
This is fairly rudimentary stuff, but it's important to have a detailed layout of all the identifying features of the vehicle in the report, from the make and model, all the way to the smallest of upgrades.
Part of obtaining the qualified attention that you may require when sorting out your issue is in contacting the correct person. If in doubt, consult your agent first. He or she can refer you to the right department or person. If your issue cannot be resolved through discussion with the person responsible for handling your claim or policy, speak with a manager or supervisor. It is in the best interest of the insurance office to process within its own walls. In this instance, a manager should be more than willing to assist you, as the reputation of the company or agency branch is now at stake.
When you're in a wreck make sure you go to an Appropriate/ Certified Repair Shop — and don't go to a Direct Repair Facility for the Insurance Company.
Modern trucks, vans, and SUVs have specific repair requirements that make them susceptible to frame-related diminished value.
How do you know if your vehicle was one of the unfortunate victims of a flood or hurricane?
It is possible that these flood-damaged vehicles will be cleaned up and sold before their titles reflect such damage. By the time you find out, months may pass and you will have to discover and pursue legal recourses that may be available. It would be better to discover this information prior to purchasing the vehicle. There is a solution from an unlikely source.